VANCOUVER, British Columbia, Oct. 05, 2021 (GLOBE NEWSWIRE) — Hanstone Gold Corp. (TSXV: HANS) (FSE: HGO) (“Hanstone” or the “Company”), is pleased to announce it has contracted Axiom Exploration Group Ltd. (‘Axiom’) who has submitted their proposal for the collection and processing of airborne magnetic data over the Company’s Snip North Project near Stewart, British Columbia.
This airborne magnetic survey will be conducted using a manned helicopter equipped with specially designed high resolution magnetometers mounted in a tri-axial array. The survey will be conducted over the a 102 line-km survey over a prospective Area of Interest (AOI) utilizing a line spacing of 100 m and tie lines spaced a 1000 m. Axiom will be responsible for the execution, collecting and processing the magnetic data and report compilation.
The AOI includes prospective target zones outlined in previous satellite surveys from 2020 on the Snip North property. Those survey results showed significant hydrothermal alteration in addition to quartz and significant ferric oxides on the property. Prospecting and sampling during 2021 summer season verified those results with samples from several gossans. These samples contain up to 5% disseminated sulphides within otherwise variable hydrothermal alteration.
South of the Snip North Property, recent work on the Company’s Doc Property uncovered several extensive mineralized quartz vein structures that were coincidental with low magnetic anomalies. Large diameter diamond drill core results from the 2021 season are pending.
Ray Marks, President and Chief Executive Officer of the Company, stated: “Management is looking forward to the definition of additional targets on its Snip North Property located in the prolific Golden Triangle of Northern BC. We are confident that data generated from the proposed airborne magnetic survey will provide prospective targets for additional follow-up, prospecting and potential future drill target delineation on the Snip North Property.”
About Hanstone Gold
Hanstone is a precious and base metals explorer with its current focus on the Doc and Snip North Projects optimally located in the heart of the prolific mineralized area of British Columbia known as the Golden Triangle. The Golden Triangle is an area which hosts numerous producing and past-producing mines and several large deposits that are approaching potential development. The Company holds a 100% earn in option in the 1,704-hectare Doc Project and owns a 100% interest in the 3,336-hectare Snip North Project. Hanstone has a highly experienced team of industry professionals with a successful track record in the discovery of gold deposits and in developing mineral exploration projects through discovery to production.
Cautionary Statement Regarding Forward Looking Information:
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified using words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about Hanstone’s business and the industry and markets in which it operates and will operate. Forward-looking information and statements are made based upon numerous assumptions, including among others, the results of planned exploration activities are as anticipated, the price of gold, the cost of planned exploration activities, that financing will be available if needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct Hanstone’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances, and achievements of Hanstone to differ materially from any projections of results, performances, and achievements of Hanstone expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that future assay results will not confirm previous results, imprecision of mineral resource estimates, the uncertainty of commodity prices, aboriginal title and consultation issues, exploration risks, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licenses, changes in laws, regulations and policy, competition for resources and financing, or other approvals
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information because of new information or events except as required by applicable securities laws
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